Bioethanol Market worth USD 85.71 billion by 2028, registering a CAGR of 7.65% – Report by Market Research Future (MRFR)
New York, Aug. 24, 2021 (GLOBE NEWSWIRE) — Bioethanol Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Bioethanol Market Research Report: By Raw, By Application – Forecast till 2028” the market is projected to be worth USD 85.71 billion by 2028, registering a CAGR of 7.65% during the forecast period (2021 – 2028), The market was valued at USD 58.44 billion in 2020.
Market Competitive Landscape:
The eminent companies in the bioethanol market profiled are
- Cropenergies AG (Germany),
- Cristal Union (France),
- Archer Daniels Midland Company (U.S.),
- Petrobras (Brazil), Tereos (France),
- Alcogroup (Serbia),
- DowDuPont (U.S.),
- BlueFire Renewables Inc. (U.S.),
- Pannonia Bio (Hungary),
- Valero Marketing and Supply Company (U.S.),
- BP PLC (U.K.)
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Market Scope:
Since traditional fuels like gasoline and diesel create considerable amounts of greenhouse gases, bioethanol is becoming a more popular alternative to be used alone or in combination with traditional fuels. Wheat, sugarcane, maize, and other starchy plants are the most common sources of bioethanol. It can be used as fuel both alone and in combination with other fossil fuels. Bioethanol fuel is mostly produced by the fermentation of sugar, although it can also be produced chemically by reacting ethylene with steam. Bioethanol is also biodegradable and has a far lower toxicity level than fossil fuels.
Market USP Covered:
Market Drivers:
The development of biobased alternatives can assist produce a more environmentally friendly option while also reducing the need for fossil fuels. Bioethanol’s natural components make it more practical than fossil fuels, whose global reserves are expected to be depleted rapidly over the next few decades. A rising number of governments are investing in bioethanol production as well as the infrastructure required for large-scale adoption, a trend that is expected to continue over the forecast period and propel the global bioethanol market forward at a steady pace. Regulation mandates are expected to have a significant impact on bioethanol production over the projection period’s duration. The bioethanol industry’s technological advancements have led to the development of second and third-generation bioethanol, which is expected to remain a potential prospect in the global market over the projection period.
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Market Restraints
The use of bioproducts for making fuels is contested instead for other applications related to food that are projected to restrict the bioethanol market share in the forecast period.
COVID 19 Analysis
The COVID-19 outbreak has shifted ethanol markets, with numerous APAC countries requiring U.S. ethanol for manufacturing purposes, such as South Korea. Sanitizing goods are in higher demand across the region, according to the government. Despite these short-term consequences, fuel ethanol standards remain possible for future development, and regional councils are working hard to expand market access in certain countries. As the coronavirus pandemic reduces gasoline use and pushes corn-based fuel to the sidelines, several ethanol plants in the United States have decreased or halted output. The coronavirus outbreak has disrupted the lives of people all around the world. The fuel requirement has been slashed as governments demand that people stay home to combat the COVID-19 epidemic. Many companies are investing in expansion, such as two INNIO Jenbacher biogas engines for ethanol generation have been sold to Clarke Energy. The deal with Press Cane, a Malawian distillery, would see the site produce bioethanol, which will be combined with gasoline and sold by oil firms. The anaerobic digestion facility handles sewage from the site in a sustainable manner while also producing biogas, which will be utilized as a renewable fuel for the biogas engines.
Market Segmentation
The maize sector, by raw material, is expected to dominate the global bioethanol market over the forecast period, owing to its widespread production and, therefore, accessibility.
By application, transportation had the highest market share of 79.1 percent in the global market, followed by food & drinks.
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Regional Insights
The North American area accounted for 58 %of the global bioethanol market. Due to increased approval and government support for creating environmentally viable and sustainable fuels, it is likely to be the leading donor over the projection period. The enormous maize growing in North America has also created an enticing and fertile economic environment for the region’s bioethanol market. Because of increased government support for bioethanol, Latin America is expected to maintain its second place in the global bioethanol industry behind North America. Brazil is the world’s second-largest producer of ethanol fuel, accounting for over a quarter of global production. Research being conducted in the market, such as scientists from Kanazawa University’s Institute of Science and Engineering, have created novel solvent mixes to break down the resistant structure of plant cellulose in order to produce bioethanol. When compared to currently available solvents, these novel solvents work under moderate circumstances, have lower toxicity, and are more environmentally friendly. This research could lead to better technology for converting currently useless biomass into fuel.
Segmentation of Market covered in the research:
Bioethanol Market Research Report: By Raw Material (Maize, Wheat, Industrial Beet, Sugarcane, Cereals & Starch, Others), By Application (Transportation, Power Generation, Food & Beverages, Industrial, Medical, Others) – Forecast till 2028
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